Australian Investment in Africa: A Promising Outlook for the Future
The 2023 Africa Down Under conference in Perth, Australia, marked a significant resurgence in Australian investment in Africa. The event saw the participation of over 1,400 delegates from 40 different countries, showcasing the increasing interest and opportunities for business and diplomatic relations between Africa and Australia.
President Masisi of Botswana delivered a noteworthy address, emphasizing the importance of stable, transparent, and fair political and fiscal environments in attracting international investment. His presence underscored Botswana’s reputation as a secure and thriving jurisdiction for foreign investors.
The conference provided a platform for African governments to share their experiences and policy objectives with their Australian counterparts, facilitating a valuable exchange of ideas and strategies. Minister Bill Johnston of Western Australia stressed the significance of predictable legislation and regulation, as well as a commitment to geoscience investment, as key drivers of the state’s remarkable economic growth.
The critical minerals debate took centre stage, with discussions revolving around the regional and global implications of African countries’ mineral endowment. The need for African nations to evaluate their local needs before considering global implications was highlighted, with an emphasis on avoiding the potential downsides of the resource curse.
Several African countries, including Nigeria, Tanzania, and Ghana, demonstrated their commitment to supporting and attracting foreign investors, with a focus on diversifying their economies and maintaining recent achievements in the mining sector. However, South Africa’s resources sector faces challenges due to power and infrastructure issues, as well as a complex regulatory system that frustrates investors.
The overall conclusion from the conference was the promising outlook for Australian investment in Africa, with both African and Australian governments expressing a strong interest in fostering stronger partnerships and collaborations. The resurgence of the Africa Down Under conference serves as a testament to the renewed momentum in the African-Australian business and diplomatic relationship, reflecting the immense potential for growth and development in the years to come.
